MIRA INFORM REPORT

Report Date :

18.12.2014

IDENTIFICATION DETAILS

Name :	WATERS GESELLSCHAFT M.B.H
Registered Office :	Hietzinger HauptstraGe 145, A-1130 Wien
Country :	Austria
Financials (as on) :	31.12.2013
Date of Incorporation :	05.08.1994
Legal Form :	Limited Liability Company
Line of Business :	· Engaged in Designing, Manufacturing, Selling and Services Ultra-Performance Liquid Chromatography (UPLC), High Performance Liquid Chromatography (HPLC), Chromatography Columns and Chemistry Products, Mass Spectrometry (MS) Systems, Thermal Analysis and Rheometry Instruments.  · Subject operates Waters Division and TA Instruments Division Subject product ranges includes: · Ionkey / MS · ACQUITY UPLC M-Class System · ACQUITY QDA Detector · ACQUITY UPC2 (Convergence Chromatographie)
No of Employees :	Approximately 35 (2014)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Austria	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Austria ECONOMIC OVERVIEW

Austria, with its well-developed market economy, skilled labor force, and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis of 2008 and subsequent global economic downturn led to a sharp but brief recession. Austrian GDP contracted 3.8% in 2009 but saw positive growth of about 2% in 2010 and 2.7% in 2011. Growth fell to 0.6% in 2012. Unemployment did not rise as steeply in Austria as elsewhere in Europe, partly because the government subsidized reduced working hour schemes to allow companies to retain employees. The 2012 unemployment rate of 4.3% was the lowest within the EU. Stabilization measures, stimulus spending, and an income tax reform pushed the budget deficit to 4.5% in 2010 and 2.6% in 2011, from only about 0.9% in 2008. The international financial crisis of 2008 caused difficulties for Austria's largest banks whose extensive operations in central, eastern, and southeastern Europe faced large losses. The government provided bank support - including in some instances, nationalization - to support aggregate demand and stabilize the banking system. Austria's fiscal position compares favorably with other euro-zone countries, but it faces external risks, such as Austrian banks' continued exposure to Central and Eastern Europe as well as political and economic uncertainties caused by the European sovereign debt crisis. In 2011 the government attempted to pass a constitutional amendment limiting public debt to 60% of GDP by 2020, but it was unable to obtain sufficient support in parliament and instead passed the measure as a simple law. In March 2012, the Austrian parliament approved an austerity package consisting of a mix of expenditure cuts and new revenues that will bring public finances into balance by 2016. In 2012, the budget deficit rose to 3.1% of GDP.

Source : CIA

Basic company information

Company name:	Waters Gesellschaft m.b.H.
Status:	active company
Locations:	Hietzinger HauptstraGe 145, A-1130 Wien
Phone:	0043 (1) 8771807
Fax:	0043 (1) 8771808
E-mail:	vienna@waters.com
Internet:	http://www.waters.at
Activities:	Onace 46690 100% Wholesale of other machinery and equipment
General Assessment:
	Model: CompanyScore
Probability of Default (Basel
II):	Very low risk
comparison:	The Rating of this company is better than industry average.
Recommendation:	In respect to solvency reasons, there is nothing to say against an establishment of a business relationship.
Detail Assessment:
	Merchandise is mainly imported. Domestic obligations and invoices of forwarders
	are settled within net agreements.
	Financial situation is satisfactory.
Additional company information
Year of incorporation:	1994
Activities:
Type of company:	Wholesale and retail trade; repair of motor vehicles
Legal form:	limited liability company since 1994-07-18
companies' house number:	FN 110394 w Wien 1994-08-05
ARA-number:	7657
VAT number:	ATU 15050405
number - Austrian National	2305186
Bank:
Import		Country
Import		Ireland	2014
Import		Netherlands	2014
Import		Great Britain and Northern Ireland / United Kingdom	2014
Import		USA	2014

Export	Country
Export	India	2014
Export	Eastern Europe	2014
Export	Middle East	2014

Main Activity

· Engaged in Designing, Manufacturing, Selling and Services Ultra-Performance Liquid Chromatography (UPLC), High Performance Liquid Chromatography (HPLC), Chromatography Columns and Chemistry Products, Mass Spectrometry (MS) Systems, Thermal Analysis and Rheometry Instruments. 

· Subject operates Waters Division and TA Instruments Divisions

Subject product ranges includes:

· Ionkey / MS

· ACQUITY UPLC M-Class System

· ACQUITY QDA Detector

· ACQUITY UPC2 (Convergence Chromatographie)

Financial data

total turnover (total sales)	2014	EUR 100.000.000,00	(expected)
total turnover (total sales)	2013	EUR 89.988.059,68	(exact)
total turnover (total sales)	2012	EUR 93.320.034,43	(exact)
total turnover (total sales)	2011	EUR 102.976.197,55	(exact)
total turnover (total sales)	2010	EUR 91.405.516,45	(exact)
total employees	2014	35	(approx.)
white collar workers	2014	35	(approx.)
total stock	2014	EUR 200.000,00	(average)
total investments	2012	EUR 27.022,62	(exact)

Extraxt from the Companies' House

firm (style):
1		Waters Gesellschaft m.b.H.
legal form:
1		Gesellschaft mit beschrankter Haftung
registered office:
1		politischer Gemeinde Wien
business adress:
1		Hietzinger HauptstraSe 145 1130 Wien
capital:
34		EUR 36.336,42
reference date annual accounts:
1		31. Dezember
annual accounts:
35	zum 31.12.2013 eingereicht am 30.07.2014
power of representation:
1 1 34	Die Generalversammlung bestimmt, wenn mehrere Geschafts-fuhrer bestellt sind, deren Vertretungsbefugnis. Gesellschaftsvertrag vom 18.07.1994 Gesellschaftsvertrag mit Generalversammlungsbeschluss vom 12.09.2013 gemaS 1. Euro-JuBeG angepasst. Anderung des Gesellschaftsvertrages in den Punkten Drittens und Elftens		001 002
proxy:
20	I Eugene Burns, geb. 21.05.1963 vertritt seit 26.03.2004 selbstandig
managing director:
20 33	J Ing. Herbert Ottner, geb. 17.10.1964 vertritt seit 26.03.2004 selbstandig M Andre Ayache, geb. 06.08.1953 vertritt seit 22.11.2013 selbstandig

Shareholder:

	B	Waters Technologies	Corporation
		Milford
34			EUR 36.336,42
34				... EUR 36.336,42
		Summen:	EUR 36.336,42	EUR 36.336,42

General Table:

Handelsgericht Wien
1	eingetragen am 05.08.1994		Geschaftsfall	703	Fr	7999/94	h
	Antrag auf Neueintragung einer	Firma eingelangt am 25.07.1994
8	eingetragen am 06.09.1996 Antrag auf Anderung eingelangt	am	Geschaftsfall 20.06.1996	74	Fr	4585/96	f
11	eingetragen am 22.10.1998 Antrag auf Anderung eingelangt	am	Geschaftsfall 12.10.1998	74	Fr	9839/98	z
20	eingetragen am 07.05.2004 Antrag auf Anderung eingelangt	am	Geschaftsfall 26.04.2004	75	Fr	5502/04	z
33	eingetragen am 17.12.2013 Antrag auf Anderung eingelangt	am	Geschaftsfall 13.09.2013	73	Fr	13012/13	h
34	eingetragen am 19.12.2013 Antrag auf Anderung eingelangt	am	Geschaftsfall 17.12.2013	73	Fr	21062/13	x
35	eingetragen am 01.08.2014
	Elektronische Einreichung Jahresabschluss eingelangt			am 30.07.2014

Real estate

Real estate text:

No real estate property registered

Private data

Surname	Date of birth	Address	Executive positions	Further executive positions (as registered in the companies' house)
Andre Ayache	1953-08-06	78000 Versailles bis rue des Tassigny 2	manager	0
Ing. Herbert Ottner	1964-10-17	2380 Perchtoldsdorf Franz Lehargasse 6	manager	0
Eugene Burns	1963-05-21	3021 PreGbaum Piettegasse 26	individual signing clerk, head of accounting, head of EDP, head ofpersonnel	1
Andrea Hofmann		1130 Wien Hietzinger HauptstraGe 145(c/o)	head of marketing	0

Balance Sheet

(absolute) all amounts in EUR

	2013-12-31
Land and leasehold rights with buildings thereon including building on land owned by third parties	53.684,40
Other operating and business equipment	5.319,77
Sum tangible assets	59.004,17
Shares on related firms	28.254,82
Sum financial assets	28.254,82
Sum fixed assets	87.258,99
Finished products	2.268.888,03
Sum stock	2.268.888,03
Claims from delivered goods 19.010.761,97 and performed services
Claims against related firmes Claims against companies with shareholding relationship	700.431,47
Other claims and assets	97.632,11
Sum claims	19.808.825,55
Cash on hand, cheques and bank deposits	839.934,28
Sum cash and bank	839.934,28
Deferred charges	24.824,57
Sum deferred charges	24.824,57
Assets	23.029.731,42
Subscribed/declared capital	36.336,42
Not committed capital reserves	499.553,06
Balance sheet profit/balance sheet loss	5.328.720,91
Thereof profit/loss carried forward	4.212.110,86
Sum equity capital	5.864.610,39
Reserves for severance pays	415.109,00
Tax reserves	247.552,15
Other reserves	1.449.728,58
Sum reserves	2.112.389,73
Received advanced payments for orders	696.854,04
Liabilities from delivered goods and performed services	1.390.931,56
Liabilities against related firms	9.400.488,59
Other liabilities	326.686,80
Sum liabilities	11.814.960,99
Deferred income	3.237.770,31
Sum deferred income	3.237.770,31
Liabilities	23.029.731,42
Contingent liabilities	414.119,92
Balance sheet sum	23.029.731,42

P / L Account

(absolute) all amounts in EUR

	2013-12-31
Gross sales	89.988.059,68
Total turnover or gross profit	89.988.059,68
Other operating profits	6.109.296,58
Other operating profits totally	6.109.296,58
Material costs	-77.743.431,66
Costs for obtained services totally	-77.743.431,66

Salaries -2.687.992,44

Costs for severance pays -7.713,00

Costs for old age pension -59.853,29

Legal fringe benefits and other

payments depending on salaries -533.037,75

Other social fringe benefits -221.598,79

Personnel expenses totally -3.510.195,27

Depreciation of intangible assets,

tangible assets,activated expenses

for the set up and expansion

of business operation -60.938,37

Depreciation tangible assets -60.938,37

/ intangible assets totally

Other operating costs -14.009.645,04

Other taxes -346.858,30

Total costs -14.356.503,34

Operating result totally

Profits from shareholdings 1.283.075,00

Interest income, securties 511,27

income and similar income

Interest and similar -1.119,40

Disbursements

Financial profits totally 1.282.466,87

Results from usual

business activity totally 1.708.754,49

Taxes on income and profits -592.144,44

Taxes on income and profits

Totally -592.144,44

Annual surplus/annual

deficit totally 1.116.610,05

Annual profit/annual loss

Totally 1.116.610,05

Profit and loss carried forward

from previous year 4.212.110,86

Transfer of profits totally 4.212.110,86

B/S profit/ B/S loss from

profit and loss account 5.328.720,91

Key ratios

	2013
Cash flow II	1.177.548,42
Debt amortisation period	10,52
Bank indebtedness	0,00
Equity capital share	26,25
Social capital share	1,80
Fixed assets coverage	7.196,64
Net profit ratio	1,89
Capital turnover	3,90
Return on investment	7,42
Cash flow in % of operating performance	1,30
Cash flow I	1.769.692,86
Gross productivity	25,63
Net productivity	3,48
Operating performance	89.988.059,68
Inventories in % of operating performance	2,52
Gross profit	12.244.628,02

Locations

Type	Locations	Description
	Phone Fax	E-mail
operational	Hietzinger HauptstraGe 145, A-1130 Wien	registered office
operational	Hietzinger HauptstraGe 145, A-1130 Wien	registered headquarters, rented premises
	0043 1 8771807 0043 1 8771808	vienna@waters.com
operational	Psohlavcu 43, CZ-14700 Prag	branch agency

related companies

Company name	Postal code	Stake in %
Shares in this company are held by:
Waters Technologies	Maple Street 34,	100 % 1994-08-17
Corporation Milford	01757
	Massachusetts, USA

Bankers

Banker	Bank sort code	Type of banking connection
UniCredit Bank Austria AG, 1011 Wien	12000	main bank connection

Historical development

Year of incorporation:	1994
Date of registration:	1994-08-05

Change in share capital:
From	To	Capital
	2013-12-19	ATS 500.000,00
2013-12-19		EUR 36.336,42
Former executives:
From	To	Function	Name
	1998-05-07	manager	Richard Henry Payne
	1998-10-22	manager	Ing.Mag. Stefan Neubauer
	2002-01-10	manager	Philip Taymor
2003-08-15	2004-05-07	manager	Eugene Burns
1998-05-07	2004-05-07	manager	Dr. Hartmut Rabich
2004-05-07	2006-12-06	manager	Richard Henry Payne
1998-10-22	2003-08-15	individual signing clerk	Eugene Burns
1998-10-22	2004-05-07	individual signing clerk	Ing. Herbert Ottner
2006-12-06	2013-12-17	manager	Michael Cornelius Harrington
2002-01-10	2008-01-22	manager	John Alden Ornell

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.58
UK Pound	1	Rs.99.98
Euro	1	Rs.79.39

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.